EFD seeks intervention

EASTERN Field Developments has followed through with its threats and has taken its concerns around Finders Resources’ target statement to Australia’s Takeovers Panel.

EFD seeks intervention EFD seeks intervention EFD seeks intervention EFD seeks intervention EFD seeks intervention

The consortium, which represents Provident Minerals, Saratoga Investama and Merdeka Copper Gold, launched its A23c takeover offer last November, but since that time has only moved from 19.84% to just 24.91% holding, although a trickle of recent acceptances has pushed that to 26.34%.

EFD’s arguments to the panel are those it has made in public for months: that accurate information relating to the levels of copper cathode production, actual recovery levels of copper cathode and current levels of working capital have not been provided to Finders shareholders enabling them to make a properly informed decision about the unconditional off-market takeover bid.

EFD also argues that Deloitte’s independent expert’s report was overly optimistic, overvalued the company, and needed to...